Advice needed on maisonette that may or may not need some work done

lodsofemone

Hi everyone,

I'm an FTB after some advice on a ground floor, share of freehold, 1 bed maisonette I'm interested in buying. It's part of a 1950's building with an extension out the back which serves as the bedroom. The extension has a flat roof on it. I am told the entire building, including the extension, had a new roof put on it 2 years ago. There are a few cracks and gaps in the external brickwork - nothing that looks major (but I'm not a builder). However, part of the wall next to the outside of the bedroom looks like it has been hastily repaired (it appears as if someone has just plastered over the wall with mortar. Or at least, I hope it's covering actual bricks, and they haven't just filled this massive gap in with mortar on its own). This wall is not part of the flat I am interested in. I will be getting a Homebuyer's Report, because I am told I can't get a Building Survey as I will still only be a leaseholder, so I can't have the entire building surveyed.

Questions:

• How much should I expect to pay for a homebuyer's report for a property of this size & type? I've had one quote for £595 it seems a little expensive but the company reviews are great. I just wondered what the average is.
• How much detail will the report go into on parts of the building I'm not buying?
• Should I even be concerned about the state of parts of the building I am not buying?
• If I ask the estate agent/seller for proof of work that has been carried out, or what they're planning to do in future, do they have to provide this (and if they did, can I expect it to be accurate & truthful)?
  

I'm not sure I've fully grasped the concept of "share of freehold" so I want to know what questions I should be asking and things to watch out for. The flat itself is nice, it's a decent size, has a modern kitchen and bathroom, the boiler is only 2 years old and was serviced last year, in a great location, and I already managed to knock 7.5% off the list price. So in my eyes it seems like a good idea, but there is bound to be something obvious I'm missing...

Thank you in advance to any replies!

NameUnavailable

Share of freehold means you own a share of the freehold (depending how many others share the freehold but if it's a maisonette it probably means 50%). You still have a lease which covers the do's and don'ts of the overall building and any communal areas as well as what liability you have for maintenance of the building. There may or may not be a mangement company, or service charge. All of this should be confirmed by your conveyancers but the vendor should be able to tell you what the arrangements are.

You should also be given a breakdown of previous years management charges/works and details of any upcoming work that is required. Again the lease my stipulate when exterior redecoration is to be carried out, e.g. every 5 years.

cattie

Before commissioning your homebuyers report, ensure you place emphasis on any issues that you have concerns about. Homebuyer's reports do tend to be pretty generlised, so it probably will make statements along the lines of 'communal parts of the building appear in good order/in need of decoration'. It's very rare for them to be in depth.  If the common parts don't look very well maintained then I'd think twice about the purchase.

It's a few years since I last had a homebuyer's report, but paid about £350 for the one I had for my current property.

lodsofemone

NameUnavailable said:

You still have a lease which covers the do's and don'ts of the overall building and any communal areas as well as what liability you have for maintenance of the building. There may or may not be a mangement company, or service charge.

There is indeed a service charge that includes building insurance.

You should also be given a breakdown of previous years management charges/works and details of any upcoming work that is required.

Yeah, this is what I want to see. Is it something my solicitor can get for me?

cattie said:

Before commissioning your homebuyers report, ensure you place emphasis on any issues that you have concerns about.

Of course, the walls would definitely get a mention.

It's a few years since I last had a homebuyer's report, but paid about £350 for the one I had for my current property.

Hmm, perhaps I'll shop around a bit more, though unless I can find a cheaper one with as good reviews as the first one, I might just pay the extra.

Thanks for your comments!

NameUnavailable

Yes your solicitors should get all the details for you regarding previous charges works and any anticipated upcoming works (i.e. if the roof is about to be replaced and the vendor is trying to sell up before having to cough up).

NameUnavailable

There are some websites that you can try to compare surveyors and charges. Google 'house surveyors near me' or similar.